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(M1) Pressures Key Support

BTP TECHS
  • RES 4: 150.39 High Mar 11 and key short-term resistance
  • RES 3: 149.88 High Apr 6
  • RES 2: 149.47 High Apr 8
  • RES 1: 148.04/65 20-day EMA / High Apr 22
  • PRICE: 147.48 @ Close May 3
  • SUP 1: 146.70 Low May 3
  • SUP 2: 146.54 0.764 proj of the Feb 12 - 26 - Mar 11 price swing
  • SUP 3: 146.16 Low Sep 21, 2020 (cont)
  • SUP 4: 145.56 Low Sep 15, 2020 (cont)

BTP futures remain bearish following last week's move lower and despite the recovery from yesterday's low. The contract has probed key support at 146.84, Feb 26 low and the bear trigger. A clear breach of this level would confirm a resumption of the downtrend that has been in place since Feb 12. This would open 146.54 next, a Fibonacci projection. On the upside, key short-term resistance has been defined at 148.65, Apr 22 high.

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